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Oil in Global Economy Series

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A new oil order has emerged over the past few years as oil prices have taken a plunge of about 60%. U.S., world’s one of key importer is about to become a major exporter of hydrocarbons. OPEC cartel, which has historically been a key player politically and price maker, losing its relevance and pricing power. On the energy front, renewables and gas becoming key challenger to oil’s global dominance. Moreover, this lower price is hitting energy exporters harder, creating global economic vulnerabilities. This new oil price and geo-political order demand greater analysis, which is the main focus of this series.

Oil in Global Economy Series

Just Stop Oil: protests will be even more disruptive if they kick off panic buying

Apr 16, 2022 02:23 am UTC| Economy

Protesters from the climate activist groups Just Stop Oil and Extinction Rebellion have blocked at least 11 fuel depots across England and disrupted supplies (though its always tough to quantify exactly how much disruption...

Oil in Global Economy Series

What will the fuel excise cut save you? Not as much as the Treasurer says

Apr 05, 2022 11:52 am UTC| Economy

As an appeal to middle Australia, to the voters politicians routinely describe as working families or battlers, the Morrison governments centrepiece budget move to halve the fuel excise for six months has obvious...

Oil in Global Economy Series

Would gas tax breaks make a big difference when prices are skyrocketing?

Mar 27, 2022 14:36 pm UTC| Economy

With gasoline prices trending over US$4 per gallon nationwide, politicians are feeling the heat. In response, Maryland and Georgia have temporarily waived their state gasoline taxes to reduce the burden on consumers. Other...

Oil in Global Economy Series

Oil price shocks have a long history, but today's situation may be the most complex ever

Mar 12, 2022 11:27 am UTC| Economy

The world is in the grip of an oil price shock. In just a few months, prices have risen from US$65 a barrel to over $130, causing fuel costs to surge, inflationary pressure to rise and consumer tempers to flare. Even...

Oil in Global Economy Series

Ukraine: 'I'm surprised the oil price hasn't hit US$130 a barrel yet' – energy trading expert Q&A

Feb 26, 2022 10:00 am UTC| Economy

Energy prices shot up after Russian President Vladimir Putin shocked the world by ordering a full-scale invasion of Ukraine. Oil is trading over US$100 (75) a barrel for the first time since 2014 and natural gas prices...

Oil in Global Economy Series

What Russia's war means for Australian petrol prices: $2.10 a litre

Feb 24, 2022 20:43 pm UTC| Economy

Global crude oil prices have already reached their highest levels since 2014 in response to Russias military incursion into Ukraine. With Russia being the worlds second-largest exporter of crude oil and refined petrol,...

Oil in Global Economy Series

BHP is selling its dirty oil and gas assets, but hold the applause

Aug 22, 2021 01:39 am UTC| Business

When BHP announced it would sell its stake in its oil and gas business to Woodside Petroleum to form a merged oil and gas business, it appeared welcome news. A big miner finally takes climate change seriously. But...

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Economy

Beyond the spin, beyond the handouts, here’s how to get a handle on what’s really happening on budget night

Three weeks from now, some of us will be presented with a mountain of budget papers, and just about all of us will get to hear about them on radio, TV or news websites on budget night. The quickest way to find out what...

What if the Reserve Bank itself has been feeding inflation? An economist explains

Heres something for the board of the Reserve Bank of Australia to ponder as it meets next month to set interest rates. It has pushed up rates on 13 occasions since it began its attempt to restrain inflation in May...

China’s new world order: looking for clues from Xi’s recent meetings with foreign leaders

There is broad consensus that Chinese foreign policy has become more assertive and more centralised in the decade since Xi Jinping has ascended to the top of Chinas leadership. This has also meant that Chinese foreign...

How India’s economy has fared under ten years of Narendra Modi

More than 960 million Indians will head to the polls in the worlds biggest election between April 19 and early June. The ruling Bharatiya Janata Party (BJP), which is led by Prime Minister Narendra Modi, is seeking a third...

EU enlargement: What does the future hold?

To widen or to deepen. This has been one of the longstanding dilemmas throughout European Union (EU) history, and a perennial sticking point in the unending process of European integration. In its time, the UK...

Politics

Labour can afford to be far more ambitious with its economic policies – voters are on board

To say that the Labour party is flying high in the polls is something of an understatement. But despite its consistent lead against the Tories, the opposition finds itself in a rather odd position: on the cusp of power but...

Joe Biden Proposes Record 44.6% Capital Gains Tax in Latest Budget Plan That May Favor Cryptocurrencies

President Joe Biden has proposed raising the capital gains tax to an unprecedented 44.6% in a bold fiscal move, targeting the wealthiest Americans. This hike is part of his 2025 budget proposal to reduce income...

Georgia is sliding towards autocracy after government moves to force through bill on ‘foreign agents’

Georgias ruling party attempted to pass a controversial bill on foreign agents in March 2023. The law would have required civil society groups and the media to register as being under foreign influence if they receive...

Opening statements are the most important part of a trial – as lawyers in Trump’s hush money case know well

Though Hollywood movies about courtroom dramas often glamorize the closing arguments given by lawyers, in reality the opening statement is likely the most important single event of a trial. Such was the case in the hush...

South Korean President Yoon faces foreign policy challenges after the National Assembly election

South Koreas parliamentary election of April 10, 2024, was widely seen as a referendum on President Yoon Suk Yeols first two years in office. That being the case, the nation collectively expressed its strong...

Science

Peter Higgs was one of the greats of particle physics. He transformed what we know about the building blocks of the universe

Peter Higgs, who gave his name to the subatomic particle known as the Higgs boson, has died aged 94. He was always a modest man, especially when considering that he was one of the greats of particle physics the area of...

Could a telescope ever see the beginning of time? An astronomer explains

The James Webb Space Telescope, or JWST for short, is one of the most advanced telescopes ever built. Planning for JWST began over 25 years ago, and construction efforts spanned over a decade. It was launched into space on...

US media coverage of new science less likely to mention researchers with African and East Asian names

When one Chinese national recently petitioned the U.S. Citizenship and Immigration Services to become a permanent resident, he thought his chances were pretty good. As an accomplished biologist, he figured that news...

If life exists on Jupiter’s moon Europa, scientists might soon be able to detect it

Europa is one of the largest of more than 90 moons in orbit around the planet Jupiter. It is also one of the best places to look for alien life. Often termed an ocean world by scientists, observations to date strongly...

Exploding stars are rare but emit torrents of radiation − if one happened close enough to Earth, it could threaten life on the planet

Stars like the Sun are remarkably constant. They vary in brightness by only 0.1% over years and decades, thanks to the fusion of hydrogen into helium that powers them. This process will keep the Sun shining steadily for...

Technology

TikTok Vows to Fight US Ban After Biden Signed Bill

TikTok is facing a total ban in the United States after President Joe Biden signed the bill forcing ByteDance to sell its short-form video hosting service app. The president signed the new bill into law on Wednesday, April...

Mercedes-Benz to Release Luxury Electric Van in China

Mercedes-Benz, the German luxury and commercial vehicle manufacturer, plans to release a luxury electric van model in China. This information was shared by the companys head of the vans unit, Mathias Geisen, to the local...

Elon Musk vs Australia: global content take-down orders can harm the internet if adopted widely

Do Australian courts have the right to decide what foreign citizens, located overseas, view online on a foreign-owned platform? Anyone inclined to answer yes to this question should perhaps also ask themselves whether...

BlackRock Bitcoin ETF Sees Zero Inflows; SEC Delays Ether ETF Decision

BlackRocks Bitcoin ETF registered zero daily inflows for the first time since its inception. At the same time, the SEC delayed its decision on a major Ether ETF, highlighting uncertainty in the cryptocurrency...

Samourai Wallet Founders Arrested, Crypto Markets Tumble Amid Regulatory Heat

The cryptocurrency market dipped significantly after the U.S. Department of Justice arrested Samourai Wallets CEO and CTO, exacerbating volatility amid geopolitical tensions and the recent Bitcoin halving. Bitcoin and...